# csUSDL

## Introduction

csUSDL is a self-custodial, institutional-grade stablecoin for treasuries, DAOs, and individuals seeking transparent yield with conservative risk management.

Built on top of USDL — a fully backed, FSRA-regulated stablecoin issued by Paxos International — csUSDL combines real-world yield from U.S. Treasury bills with onchain lending returns via Morpho Blue.

No lockups. No staking. No KYC or KYB. Just hold csUSDL to start earning.

<figure><img src="https://823232485-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F2zoNNeuTiTLUlQohidES%2Fuploads%2FB7SQ7SwSdiMdwjfF3Juo%2F4%20x%20Partner%20(5).png?alt=media&#x26;token=192de0b8-518d-454b-8ad3-04f58d9a2218" alt=""><figcaption><p>csUSDL Partners</p></figcaption></figure>

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### Key Highlights

* **Backed by Regulated Assets:** USDL is issued by Paxos and fully backed by T-Bills and cash, under FSRA (Abu Dhabi) regulation.
* **Instant Yield Access:** Users can simply swap into csUSDL and start earning — yield accrues daily balances grow automatically.&#x20;
* **Non-Custodial & Permissionless:** No KYC, KYB, staking, or lockup required.
* **ERC-4626 Native:** Fully compatible in DeFi, ideal for integrations, looping, or collateral use.&#x20;
* **Transparent & Secure:** All yield sources are onchain and independently verifiable. USDL reserves are published monthly by Paxos and attested by Withum, a top-tier audit firm.
* **Deep Liquidity:** Curve pools and CowSwap aggregators enable seamless conversion to/from USDC.&#x20;
* **Strategic Partners:** Collaborations with Paxos International, Steakhouse Financial, and Morpho Protocol ensure that csUSDL benefits from top-tier asset and risk assessment, and lending efficiency.